SET Jumps 31pts at Opening Bell on Fed’s Support Measures and OPEC+ Output Cut

SET Index jumped 30.91 points or 2.30% to 1,372.90 points at the opening bell with a trading value of 6.2 billion baht. The market is expecting a huge rebound after yesterday’s loss of 40.57 points.

 

The positive trading session in the Thai stock market followed the rebound in Wall Street last night after the Federal Reserve announced the Secondary Market Corporate Credit Facility, which allows the purchasing Corporate Bond to buy private companies’ debentures and bonds as well as in the secondary market with a limited value of 750 billion U.S. dollars.

Investors might wait for Australia and Japan’s central bank for economic guidelines as both banks are expected to announce the resolution of the monetary policy meeting today.

Moreover, the oil prices also rebound overnight on the optimism of OPEC+ complying with the output cut and the return of demand in oil from the reopening economy.

 

Finansia Syrus Securities expected SET Index to rebound to challenge the resistance level at 1,360 points+- after the market started to relax from the Fed’s decision. However, the security company expected that the market still has high fluctuation. Investors are advised to keep monitoring for the possibility of the second wave of Covid-19. The correction of SET Index is expected at 1,330 points.